What is it about?
This paper represents various risk categories and barriers to risk management in domestic and international projects through literature survey and feedback from project professionals. After analysing the various modelling methods used in project risk management literature, interpretive structural modelling (ISM) and MICMAC analysis have been used to analyse interactions among the barriers and prioritize them.
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Why is it important?
In the context of the scope, time, cost, and quality constraints, failure is not uncommon in project management. While small projects have 70% chances of success, large projects virtually have no chance of meeting the quadruple constraints. While there is no dearth of research on project risk management, the manifestation of barriers to project risk management is a less dwelt topic.The success of project management is oftentimes based on the understanding of barriers to effective risk management, application of appropriate risk management methodology, proactive leadership to avoid barriers, workers’ attitude, adequate resources, organizational culture, and involvement of top management.
Perspectives
This paper represents the general scenario of the 17th various risk categories involved in any project and ten barriers associated with effective project risk management. It also attempts to identify possible causes of each risk category which may lead to failure of the project. The paper describes interaction among barriers which will be helpful for further studies in the area of effective implementation of risk management. The barriers not only affect effective implementation of risk management in projects but also affect one another. The interaction of barriers amongst themselves had been analysed by developing a model using interpretive structural modelling (ISM). The model indicates that barriers like lack of top management support lead to other barriers. A thorough understanding of such barriers can be very helpful to management to effectively implement risk management. It can guide top management to tackle the barriers effectively. MICMAC analysis categorizes barriers into four clusters and emphasizes the need to concentrate more on the barriers which belong to the independent cluster.
Dr. Rahul Vishwanath Dandage
Rajendra Mane College of Engineering and Technology Ambav, Ratnagiri
Read the Original
This page is a summary of: Analysis of interactions among barriers in project risk management, Journal of Industrial Engineering International, June 2017, Springer Science + Business Media,
DOI: 10.1007/s40092-017-0215-9.
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